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REAL ESTATE

Ministry: 412,000 benefit from ‘Sakani’ program in 17 months
June 20, 2018

The Ministry of Housing has disclosed the names of the sixth batch of beneficiaries of ‘Sakani’ (My Residence Program).

The ministry said the number of beneficiaries in the 6th batch has reached 23,769. These include applicants for free plots of land, real estate loans and housing units under construction.

This brings the total number of beneficiaries in the Sakani Program, which was launched in February 2017, to nearly 412,000"...

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6th batch of Saudi Sakani housing program launched
June 17, 2018

The Housing Ministry and the Real Estate Development Fund (REDF) on Saturday announced the launch of the sixth batch of the Sakani (Housing) program.
The batch’s 23,769 products include housing units under development in partnership with qualified real estate developers; free land; and real estate loans supported by a partnership between the REDF and financial institutions.
The program aims to give citizens the opportunity to own properties, improve"...

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Fixed-rate mortgages to boost Saudi Arabia’s home ownership
June 14, 2018

Saudi home buyers will be able to tap long-term, fixed-rate mortgages for the first time as part of a $32 billion push to raise home ownership.
The Saudi Real Estate Refinance Company (SRC) plans to roll out new funding to the Kingdom’s lenders, which in effect means buyers will no longer be held hostage to US interest rate movements.
The Public Investment Fund-backed finance company will soon be able to support long-term, fixed-rate mortgages and"...

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Putting Saudi real estate on the map
June 12, 2018

“I love difficult; you tell me this is the most difficult choice, I go for it.”
“In high school, I was told that King Fahd University of Petroleum and Minerals (KFUPM) is the toughest in the country, that is why I am a KFUPM graduate.
“Then at university, I was told that electrical engineering is the most difficult major. This is why I am an electrical engineer.”
This is how Moosa Al-Rasheedi, CEO and co-founder of"...

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Saudi Arabia's property market still in negative territory in Q1
June 10, 2018

Property prices in Saudi Arabia are among the worst performing in the world, according to a new global study.

Knight Frank's Global House Price Index for the first quarter of 2018 revealed that values in the Gulf kingdom were down marginally by 0.2 percent over the past 12 months.

Saudi Arabia was ranked 51st"...

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Minarets of Prophet’s Mosque an architectural attraction for visitors
June 9, 2018

THE visiting worshippers to Madinah are enamored by the view of the ten minarets of the Prophet's Mosque, which is considered an Islamic architectural landmark.

Worshippers are guided by these minarets to the mosque, which can be seen from all angles due to their heights.

Through history these minarets were the outlet to carry the adhan, the call for prayer, since Bilal Bin Rabah (Allah be pleased with him), the first muezzin in the"...

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New institute to organize Saudi real estate market
June 6, 2018

More than 40 percent of real estate offices were run by expatriate workers before the correction process launched by the Interior Ministry and Labor & Social Development Ministry, said Abdulhadi Al-Qahtani, a member of the Saudi Real Estate Institute.

“As a result of this government campaign thousands of illegal workers were arrested as they were controlling the market illegally. They were the reason for increasing prices of real estate property"...

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Frequent power cuts irk residents of Al-Nabhaniya
June 5, 2018

Once the summer season is over, the centers of Al-Nabhaniya governorate (140 km west of Buraidah) go into a severe crisis mode with frequent power cuts due to increased loads of generators. This is i addition to weather fluctuations that often aggravate the situation. Residents of the area have stressed the need for constant maintenance and to find urgent solutions to ensure continuation of electricity during high temperatures in the summer that affects patients,"...

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490,000 new jobs await Saudis in retail sector
May 30, 2018

Good news for Saudi jobseekers.

About 490,000 jobs at sales outlets of 12 business activities will be Saudized by the beginning of next Hijri year, said Mahmoud Mazi, retail sector development manager at Small & Medium Enterprises Authority.

Saudis will be employed in sale outlets for watches, spectacles, car spare parts, medical equipment, electrical and electronic devices, building materials and all types of carpets, Mazi said in comments"...

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Damad residents upset over incomplete 400-meter bridge
May 29, 2018

Residents of the Damad Province in Jazan region, south of Saudi Arabia, are worried about the flow of floods that often causes many tragedies, especially in the road linking the villages of Al-Qumri and Damad. Despite the Ministry of Transport's approving the construction of a bridge linking the two regions with a bridge of 400 meters, construction has not started yet. People continue to suffer. The last incident caused 4 vehicles in the valley to drift due to"...

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